The correct answer is option 2: "The Vice President of India can be removed by a simple majority of votes passed in the Rajya Sabha only." This statement is not correct.

Explanation of other options:

1. Option 1 states that the Vice President of India holds office for a period of five years. This is correct. The Vice President is elected by an electoral college consisting of members of both houses of Parliament and holds office for a term of five years.

2. Option 2 is incorrect, as the Vice President of India can be removed by a process called impeachment, which requires a special majority vote in both houses of Parliament.

3. Option 3 states that the Vice President of India continues to be in office even after the expiry of his term until his successor takes over. This is correct. The Vice President continues to hold office until the new Vice President is elected and assumes office.

4. Option 4 states that the Supreme Court of India has to look into all disputes regarding the election of the Vice President of India. This is incorrect. The Supreme Court does not have jurisdiction in election disputes of the Vice President. The election disputes are resolved by an election tribunal appointed by the President.